Democratic Party's Bok Giwang Proposes Basic Act on Social Solidarity Economy... Legislative Promotion Group Launches on the 28th

Basic Act on Social Solidarity Economy Proposed
Legal Foundation and Ecosystem Revitalization Sought Amid Budget Cuts

Bok Giwang, Chairman of the Social Economy Committee of the Democratic Party of Korea, has introduced the Basic Act on Social Solidarity Economy. The social solidarity economy refers to private economic activities aimed at realizing social values, and the Yoon Sukyeol administration's national agenda also includes the promotion of the social solidarity economy.

According to the National Assembly on August 27, Assemblyman Bok sponsored the Basic Act on Social Solidarity Economy. Assemblyman Bok explained, "Over the past three years, the Yoon Sukyeol administration has unilaterally cut budgets, causing difficulties for the social solidarity economy. I have proposed this bill to provide a legal foundation and revitalize the ecosystem." Sixty lawmakers from across the progressive bloc, including Assemblyman Bok, jointly sponsored the bill.

There are approximately 30,000 social economy enterprises in South Korea that address social issues by creating jobs for vulnerable groups such as people with disabilities, the elderly, and women with career interruptions, as well as by providing social services and promoting resource circulation. According to Assemblyman Bok, the Yoon administration unilaterally slashed the social economy budget, including a 90% cut to the cooperative budget.

Assemblyman Bok stated, "At the forefront of local government, the social economy-including urban regeneration, community organizations, self-support enterprises, and cooperatives supporting vulnerable groups-has faced significant challenges."

The bill includes: ▲ basic principles and definitions of the social solidarity economy ▲ establishment of a basic plan and implementation plan every five years ▲ creation of the Social Solidarity Economy Development Committee and the Regional Social Solidarity Economy Development Committee ▲ and the establishment of the Korea Social Solidarity Economy Institute.

Assemblyman Bok said, "Since the promotion of the social solidarity economy is included in the Lee Jaemyung administration's national agenda, there is a strong call from the field that now is the golden time for enacting the 'Basic Act on Social Solidarity Economy.'"

Meanwhile, on August 28, Assemblyman Bok will hold a 'Social Solidarity Economy Legislative Event and Democratic Party Legislative Promotion Group Launch Ceremony' at the National Assembly in Yeouido, together with Democratic Party Assemblyman Kim Youngbae and Independent Assemblyman Choi Hyukjin. Assemblyman Bok said, "I believe the growth of the social solidarity economy is a bridgehead for realizing a basic society, and I will ensure the passage of the basic act." It is reported that National Assembly Speaker Woo Wonshik, National Planning Committee Chairman Lee Hanjoo, and Local Era Committee Chairman Kim Kyungsoo will also attend the event.